Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory
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• Purchases on account: 500 units @ $4 = $2,000
• Sales on account: 300 units @ $5 = $1,500
• Purchases on account: 600 units @ $5 = $3,000
• Sales on account: 300 units @ $5 = $1,500
a. Prepare journal entries for the above purchases and sales.
b. Calculate the balance in the firm's Inventory account.
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Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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